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Long weekend hits auction numbers

Long weekend hits Sydney, Melbourne auction numbers

Fewer property auctions took place in Sydney and Melbourne over the past week, with a long weekend lowering the number of offerings.

CoreLogic data reported that 427 properties in Sydney went under the hammer for the week ended June 12, compared with 692 in the prior week.

Sydney highlights

Preliminary results showed that auctioneers found new owners for 76.3% of these homes, up from 72.9% last week. However, the clearance rate remained significantly lower than last year’s 83.4%.

A 5br luxurious house in Maroubra offering views over the Pacific Ocean fetched $7m, Sydney’s most expensive disclosed auction sale.

The most affordable disclosed auction sale was in Richmond, where a 2br apartment changed hands at $350,000.

Sydney’s median auction price for the week to June 11 was $1.035m, according to Australian Property Monitors (APM). A 5br, 689sqm house in Cecil Hills sold for this price.

Melbourne highlights

Melbourne reported lower preliminary clearance rate of 66.9% from 337 scheduled auctions, CoreLogic said.

That was down from 71.1% in the previous week and 77.7% a year earlier.

The Victorian capital’s most expensive disclosed auction sale was a 5br beachfront house at Brighton, which was sold under the hammer for $5m.

Meanwhile, the most affordable disclosed sale was in Melton South, north-west of the city centre, where a 3br house sold for $235,000.

APM data showed that Melbourne’s median auction price stood at $717,000. A 2br unit in Elwood sold for this figure.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.